Former Citibank crypto research head: Arthur Hayes missed 3 key points in the FUD about Tether

In response to Arthur Hayes' doubts about USDT operations, former Citibank crypto research head Joseph stated on the X platform that @CryptoHayes' analysis missed several key points:

1. Disclosure of assets ≠ total corporate assets

USDT discloses reserves based on the "matching principle," but its undisclosed balance sheet includes equity investment income, mining operations, corporate reserves, and potential Bitcoin holdings, with remaining profits distributed to shareholders in the form of dividends.

2. Ultra-high profit margins and equity value

Tether holds $120 billion in U.S. Treasury bonds (with an annual yield of 4%), generating an annual net profit of about $10 billion starting in 2023 (with only 150 employees), making it the world's most efficient money printer;

The equity valuation could reach $50-100 billion (recently planning to raise $20 billion for a 3% equity stake, with a high valuation but strong fundamentals).

3. Comparative advantages of bank-level reserves

Traditional banks maintain only 5-15% liquid assets, while USDT's collateralization rate is clearly higher.

Key difference: banks have central bank lender of last resort support, while USDT relies on its own asset liquidity.

Conclusion: Tether not only will not face a crisis but also controls the strongest profit engine in the crypto world.

Subsequently, Tether CEO Paolo Ardoino expressed his gratitude for the support in the comments section.